China Will Forge New All-Time Highs In All Metals
BEIJING (Oct 22) China has overtaken the US as the world’s largest oil importer and goods trading nation. Over the next five years, it will surpass the rest of the world combined in its consumption of base metals.
Given the scale of the country’s consumption of fossil fuels and raw materials, it is only a matter of time before the renminbi replaces the dollar as the primary currency for trading commodities and resources such as crude oil and iron ore.
The debt ceiling farce in Washington and China’s growing reluctance to continue underwriting the US economy by buying up its bonds and adding to America’s near $17 trillion (£10.5 trillion) debt mountain suggests that this tectonic shift in the global trade system could be just around the corner.
Given the monetary trends of currencies, exacerbated by the the exponential growth of the US National Debt, it is highly likely gold and silver will soar to $8,000/oz and $300/oz (respectively) during the next four years.
Moreover, the price of crude oil will surpass $200/bbl in the same time period.